Dollar prices unlikely to rise much: Finance Minister...

Dhaka, Wednesday   19 January 2022

Dollar prices unlikely to rise much: Finance Minister

 Staff Correspondent

 Published: 04:28 PM, 12 January 2022   Updated: 05:39 PM, 12 January 2022

Finance Minister AHM Mustafa Kamal; File Photo

Finance Minister AHM Mustafa Kamal; File Photo

Finance Minister AHM Mustafa Kamal today said that even if the dollar prices fluctuate in the market, it is not likely to increase much.

The Finance Minister told reporters after the meeting of the Cabinet Committee on Economic Affairs and Government Procurement was held virtually on Wednesday afternoon.

In his keynote address, the Finance Minister said, “We acknowledge that we have some differences. Import inflation is more important in our inflation. When we procure goods from outside, the price of those goods may increase due to the rate.”

“As exports increase, so do imports,” Finance Minister said. “It takes financing to import. For this, the market must go up and down. We can’t see many ups and downs. The rate is not likely to increase here.”

The Finance Minister said there was an economic proposal today to determine the “volume of export trade”, to determine the policy of how we will do export trade. We have drafted and approved the policy till 2021-24. “The current export trade target is $60 billion. We have increased it to $80 billion. We will do whatever is necessary for the issues that are related to this,” he added.

Regarding the export policy, the minister said the proposed policy had 8 chapters earlier. Now it has been 9. The priority sector includes some potential new products and services. It is mentioned here how it is possible to expand export trade in the 4th Industrial Revolution. There are details of strategies to address the post-transition challenges from Least Developed to Developed countries.

He added that strategies are needed to formulate sustainable development policies in the production of export products. Facilities are being provided in the service sector including “ICT services and freelancing sector”. It is also important to keep the provisions of the sector in line with the import policy order. Besides, “investment facilitation guidelines” and “product diversification” have been recommended. There is also a proposal to strengthen the “Made in Bangladesh” concept.